MIRA INFORM REPORT
|
Report Date : |
22.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
GOL OFFSHORE LIMITED (w.e.f. 20.11.2012) |
|
|
|
|
Formerly Known
As : |
GREAT OFFSHORE LIMITED |
|
|
|
|
Registered Office
: |
Energy House, 81, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
14.07.2005 |
|
|
|
|
Com. Reg. No.: |
11-154793 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.372.400
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L11200MH2005PLC154793 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMG11095A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCG4380N |
|
|
|
|
Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Providing Offshore Support Solutions to the Exploration and Production
Industry. |
|
|
|
|
No. of Employees
: |
1386 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (18) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow and delayed |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a moderate track record. The
company has recorded delay in its debt payment due to weak liquidity
position. However, trade relations are reported to be fair. Business is active.
Payments are reported to be slow and delayed. The company can be considered for business dealings on a safe and
secured trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on
stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest Euro
100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating: D |
|
Rating Explanation |
Default or are expected to be in default soon. |
|
Date |
06.10.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating: D |
|
Rating Explanation |
Default or are expected to be in default on maturity. |
|
Date |
06.10.2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE (TEL. NO.: 91-22-66352222)
LOCATIONS
|
Registered Office : |
Energy House, 81, Dr. D.N. Road, Mumbai – 400 001, Maharashtra, India |
|
Tel. No.: |
91-22-66352222/ 22677373/
7474/ 66352229 |
|
Fax No.: |
91-22-22673993/ 22673639 |
|
E-Mail : |
For business
development queries: bdmoff@greatoffshore.com For careers: jobs@greatoffshore.com |
|
Website : |
|
|
|
|
|
International Office 1 : |
United Arab Emirate Representative Office, P.O. Box 2756, Al Khaleej Centre, Office No.613, Mankhool Road, Bur Dubai, Dubai, U.A.E. |
|
E-Mail : |
|
|
|
|
|
International Office 2 : |
Malaysia Level 36, Menara Citibank, 165, Jalan Ampang, 50450 Kuala Lumpur, Malaysia |
|
Tel. No.: |
+603 2169 6256 |
|
Fax No.: |
+603 2169 6258 |
|
E-Mail : |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Prakash Chandra Kapoor |
|
Designation : |
Chairman and Executive Director |
|
|
|
|
Name : |
Mr. Vijay Kumar |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Dr. Ram Nath Sharma |
|
Designation : |
Non Executive Director |
|
|
|
|
Name : |
Mr. Vinesh Davda |
|
Designation : |
Non Executive Director |
|
|
|
|
Name : |
Mr. Prabhakar Dalal |
|
Designation : |
Non Executive Director (EXIM Bank Nominee) |
|
|
|
|
Name : |
Mr. Mahesh Prasad Mehrotra |
|
Designation : |
Non Executive Director |
KEY EXECUTIVES
|
Name : |
Mr. Navin Joshi |
|
Designation : |
Company Secretary and Chief Compliance
Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
18514352 |
49.73 |
|
|
18514352 |
49.73 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
18514352 |
49.73 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
3642 |
0.01 |
|
|
104162 |
0.28 |
|
|
417907 |
1.12 |
|
|
1908314 |
5.13 |
|
|
2434025 |
6.54 |
|
|
|
|
|
|
3277723 |
8.80 |
|
|
|
|
|
|
10554184 |
28.35 |
|
|
2430277 |
6.53 |
|
|
19528 |
0.05 |
|
|
19222 |
0.05 |
|
|
306 |
0.00 |
|
|
16281712 |
43.73 |
|
Total Public shareholding (B) |
18715737 |
50.27 |
|
Total (A)+(B) |
37230089 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
9972 |
0.00 |
|
|
9972 |
0.00 |
|
Total (A)+(B)+(C) |
37240061 |
0.00 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Promoter and
Promoter Group
|
Sl.No. |
Name of the Shareholder |
No. of Shares held |
As a % of grand total (A)+(B)+(C) |
No |
As a percentage |
As a % of |
Total shares (including underlying shares
assuming full conversion of warrants and convertible securities) as a % of diluted
share capital |
|
1 |
Dhanshree Properties Private Limited |
12.96 |
0 |
0.00 |
0.00 |
12.96 |
|
|
2 |
Natural Power Ventures Private Limited |
1,36,86,185 |
36.75 |
8937216 |
65.30 |
24.00 |
36.75 |
|
|
Total |
1,85,14,352 |
49.72 |
8937216 |
48.27 |
24.00 |
49.72 |
(*) The term encumbrance has the same meaning as assigned to it in regulation 28(3) of the SAST Regulations, 2011.
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Public and holding
more than 1% of the total number of shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % of
Total No. of Shares |
Total shares
(including underlying shares assuming full conversion of warrants and convertible
securities) as a % of diluted share capital |
|
|
1 |
First Carlyle Ventures Mauritius |
1902000 |
5.11 |
5.11 |
|
|
2 |
Tejal Ketan Kamdar |
573000 |
1.54 |
1.54 |
|
|
3 |
Intime Equities Limited |
517500 |
1.39 |
1.39 |
|
|
4 |
Vince Trading and Investment Company Private Limited |
503500 |
1.35 |
1.35 |
|
|
|
Total |
3496000 |
9.39 |
9.39 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons (together with PAC) belonging to the category
“Public” and holding more than 5% of the total number of shares of the company
|
Sl. No. |
Name(s) of the
shareholder(s) and the Persons Acting in Concert (PAC) with them |
No. of Shares |
Shares as % of
Total No. of Shares |
Total shares
(including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
|
|
1 |
First Carlyle Ventures Mauritius |
1902000 |
5.11 |
5.11 |
|
|
|
Total |
1902000 |
5.11 |
5.11 |
BUSINESS DETAILS
|
Line of Business : |
Providing Offshore Support Solutions to the Exploration and Production
Industry. |
GENERAL INFORMATION
|
No. of Employees : |
1386 (Approximately) |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
Not Divulged |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
|
|
|
|
|
Joint Statutory
Auditors 1 : |
Varma and Varma Chartered Accountants |
|
|
|
|
Joint Statutory
Auditors 2 : |
Motilal and Associates Chartered Accountants |
|
|
|
|
Internal
Auditors : |
Ashok Kapadia and Company Chartered Accountants |
|
|
|
|
Subsidiary
Companies :: |
|
|
|
|
|
Joint Venture : |
|
|
|
|
|
Enterprises over which
Key Management Personnel Exercise Significant Influence : |
|
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000000 |
Equity Shares |
Rs.10/- each |
Rs.1000.000 millions |
|
1000000 |
10% Cumulative
Redeemable Preference Shares |
Rs.1000/- each |
Rs.1000.000 millions |
|
|
Total |
|
Rs.2000.000
millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
37313594 |
Equity Shares |
Rs.10/- each |
Rs.373.100
millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
37240061 |
Equity Shares 38068481 Equity
Shares are allotted as fully paid up pursuant to a scheme of arrangement without
payment being received in cash. Paid-up Equity
Share Capital is net of Calls in Arrears of Rs.0.008 million. |
Rs.10/- each |
Rs.372.400
millions |
Note:
Reconciliation of the
number of Equity Shares outstanding at the beginning and at the end of the year
As at March 31, 2014
|
Particulars |
Authorised |
Issued |
Subscribed and Paid- up |
|||
|
|
No. of Shares |
Rs. in millions |
No. of Shares |
Rs. in millions |
No. of Shares |
Rs. in millions |
|
At 1st
April, 2013 |
100000000 |
1000.000 |
37313594 |
373.100 |
37231961 |
372.300 |
|
Changes during
the year |
-- |
-- |
-- |
-- |
-- |
-- |
|
At 31st
March, 2014 |
100000000 |
1000.000 |
37313594 |
373.100 |
37231961 |
372.300 |
Terms/ Rights
attached to equity shares
The company has one
class of equity shares having a par value of Rs.10/- per share. Each
shareholder is eligible for one vote per share held. The company declares and
pays dividends in Indian Rupees. The dividend recommended by the Board of
Directors is subject to the approval of the shareholders in the ensuing Annual
General Meeting.
List of
shareholders having holding more than 5% along with number of shares held.
|
Name of
shareholder |
As at 31st March, 2014 |
|
|
No. of Shares |
% of Holding |
|
|
Equity Share Capital |
|
|
|
Natural Power
Ventures Private Limited |
13686185 |
36.76 |
|
Dhanshree
Properties Private Limited |
4828167 |
12.97 |
|
First Carlyle
Ventures Mauritius |
1902000 |
5.11 |
Aggregate number
and class of shares bought back.
|
|
No of shares as at March 31, 2009 |
|
Shares bought
back |
978977 Equity
Shares bought back at an amount aggregating to Rs.552.400 millions |
1) The company has
issued and allotted 1500000, 10% Optionally Convertible Redeemable Cumulative Preference
shares (OCRCPS) of Rs.1000 each during the year 2007-08.
2) The company has
redeemed 1500000, 10% Optionally Convertible Redeemable Cumulative Preference
shares (OCRCPS) of Rs.1000 each during the year 2008-09.
3) The company had
allotted 91017 Equity Shares for part conversion of 7.25% Foreign Currency
Convertible Bonds @ 875/- per share aggregating to USD 2 Million in the year
2009-10.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
372.400 |
372.400 |
372.300 |
|
(b) Reserves & Surplus |
9781.400 |
9465.300 |
9057.300 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
10153.800 |
9837.700 |
9429.600 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
15063.200 |
19258.100 |
19645.400 |
|
(b) Deferred tax liabilities
(Net) |
268.000 |
359.500 |
276.500 |
|
(c) Other long term
liabilities |
3686.800 |
3931.600 |
68.100 |
|
(d) long-term provisions |
65.300 |
61.300 |
42.700 |
|
Total
Non-current Liabilities (3) |
19083.300 |
23610.500 |
20032.700 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1001.000 |
1070.900 |
1987.000 |
|
(b) Trade payables |
2271.800 |
2251.500 |
1253.300 |
|
(c) Other current liabilities |
13561.200 |
8638.800 |
8880.900 |
|
(d) Short-term provisions |
1511.900 |
1403.600 |
1245.000 |
|
Total
Current Liabilities (4) |
18345.900 |
13364.800 |
13366.200 |
|
|
|
|
|
|
TOTAL |
47583.000 |
46813.000 |
42828.500 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
10520.000 |
12456.100 |
13899.800 |
|
(ii) Intangible Assets |
5.800 |
11.600 |
17.400 |
|
(iii) Capital work-in-progress |
11699.500 |
11028.000 |
14743.700 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1965.300 |
1965.300 |
1965.200 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
12957.000 |
16479.700 |
8538.200 |
|
(e) Other Non-current assets |
820.300 |
858.400 |
549.400 |
|
Total
Non-Current Assets |
37967.900 |
42799.100 |
39713.700 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
3.500 |
0.000 |
0.000 |
|
(b) Inventories |
521.300 |
556.900 |
532.100 |
|
(c) Trade receivables |
1848.700 |
1648.500 |
1404.300 |
|
(d) Cash and cash equivalents |
378.800 |
59.400 |
202.200 |
|
(e) Short-term loans and
advances |
4409.300 |
380.000 |
582.100 |
|
(f) Other current assets |
2453.500 |
1369.100 |
394.100 |
|
Total
Current Assets |
9615.100 |
4013.900 |
3114.800 |
|
|
|
|
|
|
TOTAL |
47583.000 |
46813.000 |
42828.500 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
9506.200 |
8433.600 |
8002.300 |
|
|
Profit on Sale of Vessels |
765.700 |
822.700 |
670.100 |
|
|
Other Income |
718.500 |
1026.500 |
272.100 |
|
|
TOTAL
(A) |
10990.400 |
10282.800 |
8944.500 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(35.300) |
25.200 |
98.000 |
|
|
Employees benefits expense |
2121.100 |
1991.300 |
1985.800 |
|
|
Repairs & Maintenance –
Fleet and Rigs |
339.900 |
366.900 |
625.800 |
|
|
Project Expenses |
830.800 |
424.400 |
78.400 |
|
|
Other expenses |
2176.300 |
2458.200 |
1506.700 |
|
|
TOTAL
(B) |
5432.800 |
5266.000 |
4294.700 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
5557.600 |
5016.800 |
4649.800 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2165.900 |
2148.200 |
1765.700 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3391.700 |
2868.600 |
2884.100 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
1817.600 |
1794.100 |
1721.500 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
1574.100 |
1074.500 |
1162.600 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
357.200 |
467.800 |
419.200 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
1216.900 |
606.700 |
743.400 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3996.200 |
3489.500 |
2992.900 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
50.000 |
50.000 |
100.000 |
|
|
Proposed Dividend on Equity
Shares |
0.000 |
0.000 |
93.100 |
|
|
Corporate Dividend Tax |
0.000 |
0.000 |
3.700 |
|
|
Balance
Carried to the B/S |
5163.100 |
4046.200 |
3539.500 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
Charter Hire |
7823.100 |
6396.600 |
7461.100 |
|
|
Contract Revenue |
113.700 |
22.200 |
0.000 |
|
|
Other Income (Sale of Vessel) |
1170.000 |
1277.000 |
0.000 |
|
|
Interest Income |
26.900 |
26.700 |
516.400 |
|
|
TOTAL
EARNINGS |
9133.700 |
7722.500 |
7977.500 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Capital goods – Special Survey |
150.000 |
159.100 |
396.800 |
|
|
TOTAL
IMPORTS |
150.000 |
159.100 |
396.800 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
32.68 |
16.30 |
19.97 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
11.07 |
5.90 |
8.31 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
16.56 |
12.74 |
14.53 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.64 |
3.18 |
4.45 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16 |
0.11 |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.58 |
2.07 |
2.29 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.52 |
0.30 |
0.23 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
372.300 |
372.400 |
372.400 |
|
Reserves & Surplus |
9057.300 |
9465.300 |
9781.400 |
|
Net
worth |
9429.600 |
9837.700 |
10153.800 |
|
|
|
|
|
|
long-term borrowings |
19645.400 |
19258.100 |
15063.200 |
|
Short term borrowings |
1987.000 |
1070.900 |
1001.000 |
|
Total
borrowings |
21632.400 |
20329.000 |
16064.200 |
|
Debt/Equity
ratio |
2.294 |
2.066 |
1.582 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
8002.300 |
8433.600 |
9506.200 |
|
|
|
5.390 |
12.718 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
8002.300 |
8433.600 |
9506.200 |
|
Profit |
743.400 |
606.700 |
1216.900 |
|
|
9.29% |
7.19% |
12.80% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS:
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
(Rs. In Millions) |
||
|
Current maturities of long-term debt |
7043.800 |
3691.400 |
7038.500
|
|
|
|
|
|
|
Total |
7043.800 |
3691.400 |
7038.500
|
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming financial
year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
No |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION DETAILS
CASE DETAILS
BENCH:-BOMBAY
|
Presentation Date:- |
01/08/2013 |
|
|||||||
|
Lodging No.:- |
CPL/516/2013 |
Filing Date:- |
01/08/2013 |
Reg. No.:- |
CP/510/2013 |
Reg. Date:- |
26/08/2013 |
||
|
Petitioner:- |
THE BANK OF NEW YORK MELLON, LONDON BRANCH THR ITS C.A.,MR.ANEISH KUMAR K. |
Respondent:- |
GOL OFFSHORE LTD, |
|
Petn.Adv.:- |
Phoenix Legal |
Resp.Adv.:- |
|
District:- |
OUTSIDE MAHARASHTRA |
|
Bench:- |
SINGLE |
||||
|
Status:- |
Pre-Admission |
Category:- |
COMPANY PETITION U/SEC 433,434,439
COMPANIES ACT |
|
Last Date:- |
13/10/2014 |
Stage:- |
FOR DIRECTION (COMPANY MATTERS) |
|
Last Coram:- |
HON'BLE SHRI JUSTICE S.J. KATHAWALLA |
|
Act :- |
Companies Act & Rules 1956 |
Under Section:- |
433, 434 & 439 |
FINANCIAL HIGHLIGHTS
During the financial year 2013–14, the Company, on a standalone basis, earned a total income of Rs.10990.400 Millions (Previous Year Rs.10282.800 Millions), and a PBIDT of Rs 5557.600 Millions as compared to PBIDT of Rs.5016.800 Millions during the previous year.
The Company has, in May 2014, repaid the principal amount of USD 40,000,000 due on the Foreign Currency Convertible Bonds (FCCBs) along with the interest thereon in accordance with the permission granted by the Reserve Bank of India vide their letter dated 26th February 2014.
OPERATIONS
During the year under consideration, the business environment remained challenging. with existing resources on land and in shallow waters being depleted and new discoveries being made in hitherto unexplored territories like Brazil, West and East Africa, and South–East Asian regions. Consequently, the demand for specialized and high end offshore vessels has shot up dramatically in last couple of years. Strong global focus on environmental protection as well as binding requirements on emissions and discharge from vessels have further increased the demand of high specification and more advanced vessels to support safe and pollution free operations.
In the face of all these odds, the Company has managed to take timely corrective actions on its existing fleet and ensured that most of the vessels remain in good sea worthy condition. On 7th October 2013, the Company signed a contract with Oil and Natural Gas Corporation Limited (ONGC) for the reconstruction of the gas processing platforms (BPA–BPB) of ONGC on the West Coast of India. The contract is for a period of two years having a contract value of approximately Rs.690 crores.
Malaviya Seven, the Platform Supply Vessel (PSV) of the Company, received in June 2013 a term contract from ADTI, for 4 wells firm with additional 3 x 1 well options, for supply duties in North Sea. Malaviya Nine, the Anchor Handling Tug Supply Vessel (AHTSV) of the Company, continues to be employed with Petrobras, Brazil. The contract, which commenced in July 2012, is for 4 years with the extension option of another 4 years.
Malaviya Ten, the Anchor Handling Tug Supply Vessel (AHTSV) of the Company, continues the operation for ONGC with 3 years contract that commenced in August 2012 for anchor handling, towing and supply duties on the East Coast of India.
Malaviya Sixteen, the Platform Supply Vessel (PSV) of the Company, continues the operation for ONGC (as end client) on 3 years contract from Vision Projects Technologies Private. Limited. that commenced in January 2013 for supply duties on the East Coast of India. Malaviya Eighteen, the Platform Supply Vessel (PSV) of the Company, received a 1 year contract (extendable) from Vision Projects Technologies Private Limited in July 2013 for supply duties on the East Coast of India for the end client ONGC.
Malaviya Twenty, the Platform Supply Vessel (PSV) of the Company, received a term contract in February 2014, from Perenco UK Limited for 1 year with additional 6 x 1 month options, for supply duties in North Sea. Malaviya Twenty Three was upgraded as Fire Fighting Supply Vessel (FFSV) upon receiving 3 year contract from ONGC that commenced in September 2013 for fire fighting, safety standby, riser deck inspection and emergency support duties on West Coast of India.
Malaviya Twenty Four, the Anchor Handling Tug Supply Vessel (AHTSV) of the Company, continues the operation for ONGC with 3 three year contract that commenced in June 2012 for anchor handling, towing and supply duties on the West Coast of India. Malaviya Twenty Five and Malaviya Twenty Seven, the Fire Fighting Supply Vessels (FFSVs) of the Company, continue to be employed for operations by Eastern Naval Command, Visakhapatnam, through SCI after renewal of contract for one year which will now expire in March / April 2015. Malaviya Twenty Eight, the Anchor Handling Tug Supply Vessel (AHTSV) of the Company, received 3 year contract from ONGC in June 2013 for anchor handling, towing and supply duties on the East Coast of India. Malaviya Twenty Nine, the Platform Supply Vessel (PSV) of the Company, continues to be employed with Petrobras, Brazil. The contract, which commenced in May 2012, is for 4 years with the extension option of another 4 years.
Malaviya Thirty, the Platform Supply Vessel (PSV) of the Company, received 3 year contract from ONGC in May 2013 for supply duties on the West Coast of India. Malaviya Thirty Six, the Multi Support Vessel (MSV) of the Company continued its operation with ONGC for 6 years, till the expiry of contract in October 2013. Vessel has now received Notification of Award (NOA) for another 5 years contract from ONGC on 19th March 2014. Vessel has to be mobilized to ONGC within 150 days from the date of NOA.
Kedarnath, the Jack–Up Drilling Rig of the Company, continues on its 5 year ONGC contract, expiring in November 2015, for drilling on West Coast of India. Badrinath, the floater Drilling Rig of the Company, hired by Deep Water Services (India) Limited. The wholly owned subsidiary of the Company, continues on 3 year contract with ONGC for drilling on the West Coast of India, expiring in April 2015. Malaviya One, Malaviya Three, Gal Constructor and Bharati S, were utilized in–house by Engineering Services department for the BPA–BPB project of ONGC.
During the year under consideration the Company transferred by way of sale, vessel Malaviya Twenty One to Great Offshore International (Malaysia) Limited. a step down subsidiary of the Company. This was don to comply
with change of flag requirements of the charter and considering the financial significance of the contract. Harbour Tugs of the Company remained effectively utilized throughout the year in various ports across the coast of India.
MANAGEMENT DISCUSSION
AND ANALYSIS
INDUSTRY OVERVIEW
GLOBAL SCENARIO
The World economy is estimated to grow between 3.2 – 3.6 % in 2014, up from about 3% a year ago. Economic growth always has a direct positive impact on the Demand for energy and oil. The consumption forecast for energy and oil is rising, in spite of the availability of alternative sources of energy such as nuclear energy, wind and solar power.
Though the supply – demand balance looks weak for 2014, as the supply growth is expected to exceed demand growth, the market estimates pitch the oil price average at USD 102/Bbl. Oil price above USD 100/ bbl could be a key measure for the continued offshore oil activity in future as long as the production cost for oil does not shoot up exponentially. According to the Global 2014 Exploration and Production (EandP) spending outlook published by Barclays, the global EandP spending is expected to grow by around 6.1%.
INDIAN SCENARIO
India is one of the largest energy consumers globally, a strong reason for securing the Country’s energy needs. Over the next five years, the country is, therefore, likely to increase its level of offshore expenditure to meet its future energy demands. India’s overall expenditure on this count is likely to increase by around 68% during that period. The Pipeline and Fixed Platform markets are likely to be the driving force behind these higher Capital expenditure levels.
Award of fields for Oil and Gas exploration in India is done through NELP rounds conducted by Ministry of Petroleum and Natural Gas. A total of 254 blocks have been awarded in the nine rounds of NELP since 1999. The latest round of bid for exploration license will be awarded under NELP X, wherein 46 blocks will be awarded. However India has not been able to attract substantial foreign investment in exploration activities, which is essential for the industry growth. Out of 254 blocks, 144 were awarded to Indian PSUs, 70 were awarded to Indian private sector companies and 40 blocks were awarded to foreign companies.
With the global shift in focus from shallow to deep water exploration, India is also veering towards deep water exploration. Fast tracking of policy decisions and shift towards deep water exploration will contribute to rapid growth of the industry.
BUSINESS OVERVIEW
The company continues to be regarded and accepted as one of the premier companies in the offshore services sector, both domestically and internationally with its diversified range of vessels and activities in international and domestic markets. The segments that the company operates in are:
–Offshore Drilling
–Offshore Marine logistics and Port Terminal Services
–Engineering and Marine Constructions
– Inspection, Maintenance and Repairs
–Salvage Operations
STRENGTHS
Company’s versatile and diversified fleet of vessels is its major strength. The fleet includes two drilling rigs, six Anchor Handlers, six Platform Supply Vessels, One Multi Support Vessel, Three Fire Fighting Support Vessels, three Accommodation work barges/vessels, One work boat and twelve Harbor Tugs, apart from a few older anchor handling tugs and supply vessels. The Company is in the process of phasing out the older vessels and replacing them with modern ones. Their well trained and qualified work force is their strength, ready to take on the challenges and opportunities as they arise.
WEAKNESSES
Ageing fleet is one of the issues. As the vessels age they require a lot of dry docking and repairs, adding to cost of operations. It is also a challenge to market an older vessel especially when the newer vessels of modern specifications are in the foray.
Another area of concern that needs to be addressed is the challenges faced by the Company over the liquidity issues.
CORPORATE INFORMATION
Subject is Public Limited Company whose equity shares are listed on Bombay Stock Exchange Limited and National Stock Exchange of India Limited. The Foreign Currency Convertible Bonds (FCCBs) issued by the Company are listed on Singapore Exchange Securities Trading Limited (SGX – ST). The Company is India’s prominent integrated offshore oilfield services provider offering a broad spectrum of services to upstream oil and gas producers to carry out offshore exploration and production (EandP) activities. The Company operates Drilling Rigs, Offshore Support Vessels and undertakes Marine Construction Projects and Services.
UNSECURED LOAN
|
PARTICULARS |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
Short-term
borrowings |
|
|
|
Inter Corporate Deposit –others |
79.100 |
74.100 |
|
From Related Parties |
|
|
|
Inter Corporate Deposits |
308.200 |
260.500 |
|
Loans from Promotors/Directors |
69.400 |
69.400 |
|
Total |
456.700 |
404.00 |
STATEMENT OF STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2014
(Rs. in millions)
|
Sr. No. |
Particulars |
Quarter ended on 30.06.2014 |
|
|
|
(unaudited) |
|
1 |
Income
from operations |
|
|
2 |
Profit on sale of vessels |
2286.600 |
|
3 |
Other operating income |
0.000 |
|
4 |
Total
Income (1+2+3) |
2286.600 |
|
5 |
Expenditure |
|
|
|
a) Changes in inventories of spares &
stores |
(0.400) |
|
|
b) Employee benefit expenses |
486.100 |
|
|
c) Repairs & Maintenance fleet &
rigs |
20.300 |
|
|
d) Engineering project expenses |
317.500 |
|
|
e) Depreciation. amortisation and
impairment |
449.400 |
|
|
f) Other expenses |
398.800 |
|
|
(g) Total |
1671.700 |
|
6 |
Profit before Other Income, Finance costs
and Exceptional Items (4-5) |
614.900 |
|
7 |
Other Income |
110.900 |
|
8 |
Profit before Finance costs and Exceptional Items (6+7) |
725.800 |
|
9 |
Finance costs |
648.600 |
|
10 |
Profit after Finance costs but before Exceptional Items (8-9) |
77.200 |
|
11 |
Exceptional Item |
0.000 |
|
12 |
Profit/(Loss) from Ordinary Activities
before Tax (10+11) |
77.200 |
|
13 |
Tax Expenses |
|
|
|
Current |
65.200 |
|
|
Deferred |
(23.200) |
|
|
Prior year taxes |
0.000 |
|
14 |
Profit/(Loss) from Ordinary Activities after Tax (12-13) |
35.200 |
|
15 |
Extraordinary Items |
0.000 |
|
16 |
Net Profit/(Loss) for the period before Minority Interest (14-15) |
35.200 |
|
17 |
Minority Interest |
0.000 |
|
18 |
Net Profit / (Loss) for the period (16-17) |
35.200 |
|
19 |
Paid up equity share capital (face value Rs. 10 per share) |
372.400 |
|
20 |
Reserve excluding revaluation reserve as
per balance sheet of previous accounting year |
0.000 |
|
21 (A) |
Earning Per Share (EPS) before Exceptional
items (not annualised) |
0.95 |
|
|
Basic (Rs.) |
|
|
21 (B) |
Earning Per Share (EPS) after Exceptional
items (not annualised) |
0.95 |
|
|
Basic (Rs.) |
|
Part I
|
A |
|
|
|
22 |
Public
shareholding |
|
|
|
- Number of shares |
18725709 |
|
|
- Percentage of shareholding |
50.28% |
|
23 |
Promoters and
promoter group Shareholding |
|
|
|
(a)
Pledged / Encumbered |
|
|
|
- Number of shares |
8937216 |
|
|
- Percentage of shares (as a % of the total shareholding of
promoter and promoter group) |
48.27% |
|
|
- percentage of shares (as a % of the total share capital of the
company) |
24% |
|
|
(b)
Non-encumbered ~ |
|
|
|
- Number of shares |
9577136 |
|
|
- Percentage of shares (as a % of the total shareholding of
promoter and promoter group) |
51.73% |
|
|
- Percentage of shares (as a % of the total share capital of the
company) |
25.72% |
|
B |
Investor
Complaints |
Quarter Ended on 30.06.2014 |
|
|
Pending at the beginning of the quarter |
0 |
|
|
Received during the quarter |
1 |
|
|
Disposed of during the quarter |
1 |
|
|
Remaining unresolved at the end of the
quarter |
NIL |
NOTE:
The above results for the quarter ended June 30, 2014 have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on August 13, 2014 and subjected to limited review by Statutory Auditors.
The Auditors' report on financial statements for the year ended March 31, 2014
contains an observation, on which management wants to explain as below:-
As on June 30, 2014, the company has investment in the equity / redeemable
preference shares of its wholly owned subsidiary company KEl - RSOS Maritime
Limited amounting to Rs. 1886.300 Millions and also a loan outstanding
amounting to Rs. 350.200 Millions. The Company has also issued bank guarantees
to Indian Bank amounting to Rs. 1416.800 Millions against which current
outstanding facilities as on June 30, 2014 amount to Rs. 450.000 Millions. The
said investment is strategic and long term in nature and the Company is a going
concern. The management of the said subsidiary is confident of turning around
the Company and as such, in the opinion of the management, no provision is
considered necessary for depletion, if any, in value of investment and loans
and advances given by the company due to losses suffered by that Company.
The Company has adopted principles set out in the Accounting standard AS-30-
"Financial Instruments: Recognition and Measurement" issued by ICAl
in respect of Hedge Accounting Policy. Accordingly, the unrealized exchange
gain/loss on revaluation of its foreign currency borrowings and derivative
instruments has been recognized in the hedge reserve account.
During the current quarter, the net incremental exchange difference on foreign
currency borrowings and on rupee loans hedged in USD being derivative
instruments aggregating to Rs. 24.700 Millions has been credited to Hedge
Reserve Account, and cumulative amount as on June 30, 2014 is Debit of Rs.
3624.600 Millions (PY Debit of Rs.3649.300 Millions)
In respect of loans, corporate guarantees and dues including instances where
recovery proceedings have been initiated, the company is making all efforts for
early settlement by taking various steps including i) more aggressive
employment of its vessels and resources, ii) disposal of some assets including
operating assets, iii)discharge of significant current liabilities and
restoration of initial repayment terms. The management is very hopeful of
achieving this during the year 2014-15. The company is also able to earn
reasonable operating margin by carrying on its business in the normal course.
Hence these accounts have been prepared on going concern assumption which is
considered appropriate
Consequent to the application of Schedule II of the Companies Act, 2013 with
effect from April 1, 2014, the depreciation chargeable has been re-examined and
it was found that there is no material impact as compared to the rates followed
earlier.
The Company is mainly engaged in offshore business and there is no separate
reportable segment as per Accounting Standard (AS) 17.
Previous quarter/year figures have been regrouped/ recast, wherever necessary
to conform to current quarter/year's classification.
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION
|
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10400753 |
01/02/2013 |
200,000,000.00 |
TATA CAPITAL FINANCIAL SERVICES LIMITED |
ONE FORBES,, DR. V. B. GANDHI MARG, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B67145722 |
|
2 |
10394532 |
28/12/2012 |
500,000,000.00 |
STATE BANK OF HYDERABAD |
11 - C, MITTAL TOWER, 210, NARIMAN POINT,, MUMBAI, MAHARASHTRA - 400021, INDIA |
B65010720 |
|
3 |
10393999 |
21/12/2012 |
40,000,000.00 |
DBS BANK LIMITED. |
3RD FLOOR, FORT HOUSE, 221, DR. D. N. ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B64872138 |
|
4 |
10351714 |
25/04/2012 |
1,574,550,000.00 |
NATIXIS |
30 AVENUE PIERRE MENDES - FRANCE, 75013 PARIS, FRANCE, - 75013, FRANCE |
B38217774 |
|
5 |
10347808 |
25/09/2012 * |
155,000,000.00 |
ICICI BANK LIMITED |
ICICI BANK LIMITED, BANDRA KURLA COMPLEX, MUMBAI, MAHARASHTRA - 400051, INDIA |
B59068023 |
|
6 |
10338243 |
30/09/2014 * |
1,400,000,000.00 |
ICICI BANK LIMITED |
ICICI BANK LIMITED, BANDRA KURLA COMPLEX, MUMBAI, MAHARASHTRA - 400051, INDIA |
C28678050 |
|
7 |
10337291 |
20/12/2012 * |
2,400,000,000.00 |
L & T FINANCE LIMITED |
L & T HOUSE, BALLARD
ESTATE, MUMBAI, MAHARASHTRA |
B66367632 |
|
8 |
10316322 |
17/06/2013 * |
788,600,000.00 |
BANK OF BARODA |
CORPORATE FINANCIAL SERVICE BRANCH, FIRST FLOOR, BANK OF BARODA TOWER, ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA |
B78352655 |
|
9 |
10308696 |
26/09/2011 |
750,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWER WTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B21832720 |
|
10 |
10300585 |
25/09/2012 * |
225,000,000.00 |
ICICI BANK LIMITED |
ICICI BANK LIMITED, BANDRA KURLA COMPLEX, MUMBAI, MAHARASHTRA - 400051, INDIA |
B59068544 |
* Date of charge modification
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
31.03.2014 |
|
Claims against the Company/disputed dues not acknowledged as debts |
|
|
Customs Duty on Tug |
34.100 |
|
Sales Tax and Service Tax demand on Charter hire payment |
36.300 |
|
Income Tax Demand |
126.000 |
|
Possible obligation in respect of matters under arbitration |
159.700 |
|
Other disputes claims |
57.800 |
|
Guarantees |
|
|
Guarantees given by bank including performance and bid bond, counter guaranteed by the Company |
1272.00 |
|
Corporate Guarantee given to Customs Department |
58.300 |
|
Corporate Guarantee given to bank on behalf of subsidiary |
7293.800 |
FIXED ASSETS
Tangible Assets
- Leasehold Land
- Plant and Machinery –Rigs
- Plant and Machinery – Others
- Office Premises
- Furniture AND Fixtures
- Office Equipment
- Computers
- Vehicles
Intangible Assets
- Computer Software
PRESS RELEASES
LENDERS PUSH FOR SALE OF GOL OFFSHORE’S ASSET
SEPTEMBER 10 2014
Creditors of GOL Offshore Limited push for the sale of assets pledged as collateral to recover money owed by the cash-strapped company
Mumbai: Creditors of GOL Offshore Limited are pushing for the sale of assets pledged as collateral to recover money owed by the cash-strapped company, which had Rs.21790.000 Millions of debt on its books as of 14 August. Some lenders to the company, formerly known as Great Offshore Limited, have approached shipping companies to push the asset sales, two persons close to the development said on condition of anonymity. The assets include a multi-support vessel, platform supply vessels and drilling rigs. Creditors of GOL, which offers drilling and marine construction services to oil and gas producers, include DVB Bank SE of Germany, HSBC Holdings Plc’s India unit, Axis Bank, ICICI Bank Limited and Export-Import Bank of India. GOL Offshore is controlled by debt-laden Bharati Shipyard Limited. Bharati Shipyard’s units Natural Power Ventures Pvt. Limited and Dhanshree Properties Private Limited hold 36.75% and 12.96% of GOL offshore, respectively; total promoter holding was 49.72% as of 30 June 2014. Prakash Chandra Kapoor, chairman of GOL Offshore, admitted there were issues with bankers, but said “it has been sorted out”. “We have decided to sell some of our assets,” said Kapoor, adding that selling and buying assets are part of the normal course of business. However, he declined to divulge details of the bankers, any default on loans and the proposed asset sales. Kapoor also affirmed there is no pressure on the firm from banks to sell the assets. The 2008-09 global financial crisis, followed by the domestic economic downturn of the past two years has made it difficult for many borrowers to service debt, leading to a pile-up of bad loans in the banking industry. DVB Bank, a German bank that specialises in transport finance and is part of the DZ Bank Group, has maximum exposure to GOL Offshore, said one of the two persons cited above. After a default by GOL Offshore, DVB started the process of finding buyers for the assets of the company after securing necessary approvals from the Reserve Bank of India (RBI) and other agencies, the person said. DVB’s move had prompted other banks, including domestic lenders, to push for asset sales to recover the loan, he added. DVB Bank, other creditors and RBI did not reply to emails seeking comment. Typically, banks do not comment on their exposure to specific clients. “The firm has defaulted on a loan and the lenders are now trying to sell some of the assets like oil drilling rigs to recover the money,” said the second person cited above, an investment banker directly involved in the transaction. “SBI Capital Markets Limited and Axis Bank have been trying to negotiate deals for the same. The buyers will be strategic ones.” He put the size of the loan default by GOL Offshore at about Rs.30000.000 Millions. Mint could not independently verify this amount. According to the firm, GOL Offshore had Rs.21790.000 Millions of outstanding debt as of 14 August. A senior executive with Mumbai-based shipping firm, requesting anonymity, confirmed that the company had been approached by a bank-led consortium to buy the assets of GOL Offshore including offshore supply vessels and oil drilling rigs. “We are evaluating the assets. It is not certain that we will buy those,” he said. Debasish Mishra, senior director, consulting, Deloitte Touche Tohmatsu India Private Limited, said the E and P (exploration and production) activity in domestic oil and gas sector had seen a considerable slowdown in the last 5-6 years, hurting services firms. “Uncertainties around gas pricing, confusion in the earlier rounds of NELP (New Exploration Licensing Policy) took a toll on the domestic exploration activity to a historic low with only two rigs in operation right now,” he explained. “The new government is trying to improve domestic exploration environment by coming out with clear policies on restructuring existing PSCs, policy on marginal fields, matured fields, clarity on next round of NELP, gas pricing, etc. All these would have a positive impact on the services companies as well.” GOL Offshore was spun off from Great Eastern Shipping Company Limited in 2006; in 2009, Bharati Shipyard acquired a 14.89% stake in GOL Offshore after its founder Vijay Sheth forfeited shares pledged with Bharati Shipyard. Subsequently, Bharati Shipyard hiked its stake via an open offer and through negotiated deals. In 2012, Bharati Shipyard was referred to the corporate debt restructuring (CDR) cell after it failed to service Rs.58000.000 Millions of loans. The CDR was unsuccessful and earlier this year lenders sold a majority of their exposure to Edelweiss Asset Reconstruction Company Limited.
DEBT-LADEN GOL OFFSHORE DEFAULTS
REPAYMENT OF RS 2000.000 MILLIONS FCCBS
APRIL 17, 2013
MUMBAI: Debt-laden GOL Offshore, formerly Great Offshore, has defaulted on the repayment of its foreign loans worth Rs 2000.000 Millions after bondholders rejected an extension sought by the company. The company has now initiated a dialogue with bondholders to arrive at a solution regarding the repayment of the dues, a spokesperson for the company told ET.
"GOL Offshore is trying to leverage its unencumbered assets to raise funds and repay the FCCB and work out an amicable solution, acceptable to both the sides," a spokesperson for the company said.
Great Offshore had earlier sought an extension on repayment until April 2013 when it was due in October, but the bondholders did not approve. While the company had informed the bourses that it had received approvals from its board to extend the date, however, the company is yet to inform the bourses about the dismissal by the bondholders.
Great Offshore had raised $40 million through FCCBs in 2007 at an interest rate of 7.25% payable semiannually, which was repayable in October last year.
The company has meanwhile dismissed rumours of a possible restructuring of its debt by banks while industry experts point out that the company had made an attempt at entering the corporate debt restructuring scheme which was rejected by banks.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or investigation
registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.30 |
|
|
1 |
Rs.99.16 |
|
Euro |
1 |
Rs.78.59 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
1 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
18 |
This score serves as a reference to assess SC’s
credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.